Samsung Looking at SmartThings

July 17, 2014

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Samsung and SmartThings are reportedly in talks for the tech giant to acquire the home automation company for around $200 million. SmartThings is the developer of a smart system that allows connected home devices to be controlled by mobile phones. The company has raised $15.5 million to date in venture capital, grabbing investments from firms including Greylock Partners, Highland Capital Partners and SV Angel, among others. Its last financing, a $12.5 million Series A, brought the company a valuation of $27.6 million back in November 2013.

Samsung wouldn't be the only tech company to make an acquisition into the connected home devices space. Google acquired Nest Labs in February of this year for $3.2 billion in cash. Google Nest, as it is now known, will allow the control and monitor of home systems including locks, lightbulbs and thermostats from smart devices. Apple has also jumped into the market, announcing at its last developers conference that its next iOS operating system will allow users of the app HomeKit to control third-party smart devices around their homes.